Oil prices, monetary policy, and counterfactual experiments

Charles T. Carlstrom and Timothy S. Fuerst ()

No 510, Working Paper from Federal Reserve Bank of Cleveland

Abstract: Recessions are associated with both rising oil prices and increases in the federal funds rate. Are recessions caused by the spikes in oil prices or by the sharp tightening of monetary policy? This paper discusses the difficulties in disentangling these two effects.

Keywords: Petroleum products - Prices; Monetary policy; Business cycles (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-bec, nep-cba, nep-ene, nep-mac and nep-mon
Date: 2005
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Related works:
Journal Article: Oil Prices, Monetary Policy, and Counterfactual Experiments (2006)
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Persistent link: http://EconPapers.repec.org/RePEc:fip:fedcwp:0510

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